Risultati Q1 2016 gruppi europei


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Pubblicati i risultati Q1 2016 del gruppo IAG.
Utile netto di €104M - in un trimestre solitamente negativo per il settore.



IAG swings to Q1 profit, but warns of Brussels impact

International Consolidated Airlines Group has glided past forecasts yet again in the first quarter, swinging to profit in what is traditionally a weak period for airlines thanks to a jump in passenger revenue and the continuing decline of fuel costs, although it warned of an ongoing impact from the Brussels attacks in March and said it has curtailed capacity growth plans as a result.

The group, which was created out of the 2011 merger of BA and Iberia, made a pre-tax profit of €104m (in realta' e' netto e non pre tax, vedi bilancio IAG) in the first three months of the year, after suffering a loss of €26m in the same period last year, writes Joel Lewin.

It grew its revenue 7.9 per cent to €4.5bn, topping forecasts of €4.97bn. Operating profit jumped to €168m, up from €25m in the same period last year and above analyst forecasts of €139m.

“This is a good performance with a strong increase in what is traditionally the weakest quarter,” said chief executive Willie Walsh.

However, he added:
March revenue was affected by the timing of Easter and the Brussels terrorist attacks with the latter continuing into quarter two.
​

The company said “revenue trends in quarter two have been affected by the aftermath of the Brussels terrorist attacks” and as a result “has moderated its short term capacity growth plans”. It also warned of “some softness in underlying premium demand.”

But nonetheless it said it expects to generate a similar increase in operating profit to that seen in 2015 thanks to continued cost savings.

Last year the company racked up a 65 per cent rise in annual profits, gliding past expectations thanks to strong demand and low fuel costs.

The company at the time predicted similarly plump profit growth this year, saying it expected to continue to benefit from cheaper oil and further cost savings, and today confirmed that forecast.

In October, the group announced plans to make the first dividend payment in its four-year history — a sign that its restructuring was delivering sustained profit.

In August IAG paid €1.4bn to acquire Irish carrier Aer Lingus.

Over the last few years, IAG has fared better than its main European rivals — Lufthansa and Air France-KLM — which have been rocked by strikes over cost-cutting plans, and heightened competition from Middle Eastern and budget rivals.

Fonte FT


Qui i risultati del gruppo:
http://www.iairgroup.com/phoenix.zhtml?c=240949&p=irol-newsArticle_Print&ID=2163201
 
IAG 1Q2016

[h=1]IAG keeps FY2016 guidance in spite of weak unit revenue as 1Q2016 results benefit from low fuel[/h]

iag_logo-200x.png

IAG's financial results for 1Q2016 are the first indication from a leading European legacy airline group of how this year is working out financially. For IAG the seasonally weak first quarter went well, with operating profit increasing by more than six times and the net result recording a rare positive figure.
Unit revenue weakness, seen in 2015, continued into 1Q2016 and accelerated its fall after theBrussels terrorist attacks. Coming relatively soon after the Paris attacks, this event may have a slightly longer impact than previous incidents of this nature. IAG's unit cost fell more rapidly than unit revenue, thanks to lower fuel prices. With pricing expected to remain a little softer than previously anticipated, IAG is accelerating cost measures and expects underlying ex fuel unit cost to fall by 1% in FY2016.
IAG still expects more than EUR900 million of year-on-year operating profit improvement in 2016, with a further margin increase. The IAG group is already the most profitable of Europe's three leading legacy airline groups, and the gap looks set to widen this year.

lg.php


[h=2]Positive net profit; operating profit up sixfold in 1Q2016[/h]In 1Q2016 IAG reported a net profit of EUR104 million, turning around a loss of EUR26 million in the same period a year earlier. This was its first net profit in the seasonally weak first quarter since IAG's creation in 1Q2011 (profit that was only achieved thanks to a non-recurring accounting item related to the merger). It follows last year's first ever 1Q operating profit for IAG.
See related report: IAG's first ever 1Q operating profit marks further progress towards its long term targets
IAG's 1Q2016 pre-exceptional operating profit was EUR155 million, more than six times the EUR25 million result of a year earlier. Revenue increased by 8% to EUR5,078 million and the operating margin improved by 2.5ppts to 3.1%.
Last year's 1Q results did include Aer Lingus, which IAG acquired in Aug-2015. Excluding Aer Lingus from the 1Q2016 figures, the pre-exceptional operating result was EUR181 million.
IAG financial highlights 1Q2016
IAG1.JPG

Source: IAG
[h=2]Group ROIC closing in on 15% target[/h]The group's return on invested capital over the four quarters to 1Q2016 was 13.7%, which compares with 8.4% for the equivalent rolling four quarter period a year earlier. This ROIC performance is comfortably ahead of IAG's estimate of its weighted average cost of capital of 10%, and edging closer to its medium-term target ROIC of 15%.
IAG operating margin and return on invested capital trends 1Q2016
IAG3.JPG

Notes. Op. margin is lease-adjusted. Nml margin is lease-adjusted and adjusted for inflation, for comparability with Invested Capital. RoIC = return on invested capital
Source: IAG
[h=2]BA, Vueling, Aer Lingus achieve ROIC above cost of capital; Iberia still lags[/h]Three of the IAG airlines, British Airways, Vueling and Aer Lingus, achieved a return on invested capital above the group's 10% cost of capital in the four quarters ending with 1Q2016. The ROIC over this period for all three was 12.6%, while Iberia remained short of the others, with 8.9%.
Nevertheless, Iberia's ROIC had improved significantly from 5.5% a year earlier. Indeed, the IAG CFO, Enrique Dupuy, told analysts on a conference call to discuss the 1Q2016 results that he was confident that the Plan de Futuro would bring the Spanish airline's figures up to its targets.
See related report: Iberia: the Futuro looks bright for IAG's star pupil as its confidence and growth are transformed
BA's performance also compared favourably with the 8.5% ROIC reported for the prior year period. In the case of Vueling, however, the airline's ROIC declined slightly from a level of 13.1% achieved in the four quarters to 1Q2015.
Se related reports:

IAG 1Q2016 headline figures by operating company
IAG2.JPG

Notes: Op. margin is lease-adjusted. Nml margin is lease-adjusted and adjusted for inflation, for comparability with Invested Capital.
From Q1 2016 British Airways and Iberia figures do not include Avios
RoIC = return on invested capital
Source: IAG
[h=2]ASK growth of 11.9%; load factor gains 1.2ppts[/h]IAG increased its ASKs by 11.9% year-on-year in 1Q2016, although this was boosted by the acquisition of Aer Lingus, which was not part of the 1Q2015 figures. RPK growth was 13.8% and the group's load factor increased by 1.2ppts to 78.9% in 1Q2016.
Without Aer Lingus, the ASK increase for the airlines that were part of IAG in both periods was 4.8%. BA grew ASKs by 2.2%, Iberia by 8.3% and Vueling by 17.8%. Aer Lingus ASK growth was 10.6% year-on-year. All achieved faster RPK growth than their ASK growth: BA 3.1%, Iberia 12.2%, Vueling 24.6% and Aer Lingus 15.3%.
IAG operating statistics 1Q2016
IAG4.JPG

Source: IAG
[h=2]FY2016 ASK growth plan trimmed[/h]If Aer Lingus had been part of IAG in 1Q2016 the pro forma ASK growth would have been 5.2% year-on-year. On this basis, thecapacity increase for the year 2016 is planned to be 4.9% (10.1% on a reported basis).
As a result of slightly weaker than expected demand following the Brussels bombings, this ASK growth has been trimmed from the 5.3% previously planned. The lower capacity plan comes from lower frequencies by both BA and Iberia to São Paulo and Rio de Janeiro and the cancellation of Iberia services to Luanda, Lagos, Accra and Istanbul.
BA's FY2016 growth is planned to be 2.6%, Iberia's 4.4%, Vueling's 15.4% and Aer Lingus' 10.8%.
IAG planned capacity (ASK) changes by quarter 2016
IAG5.JPG

Source: IAG
[h=2]Vueling will continue to grow fastest in 2Q2016[/h]In 2Q2016 IAG's planned ASK growth is 12.9% year-on-year on a reported basis and 3.7% pro forma (i.e. with Aer Lingus included in the prior year data).
For BA, the planned 2Q2016 ASK growth of 1.8% will be driven by new long haul routes launched since 2Q2015 (Kuala Lumpur, San Jose, Gatwick-JFK and Lima) and some frequency growth (Las Vegas, Shaghai and Dubai). Iberia's 2Q2016 ASK growth of 2.0% will mainly come from new and restored routes (Havana, Cali/Medellín).
For Vueling, new routes to the UK from Barcelona will be the main driver of 2Q2016 ASK growth of 14.0%. The principal source of Aer Lingus' 2Q growth of 7.7% will be its new route from Dublin to Los Angeles.
IAG planned year-on-year growth in capacity by airline brand (ASK) 2Q2016
IAG6.JPG

Source: IAG
[h=2]Fastest growth in Asia Pacific; capacity cut in Africa, Middle East, South Asia[/h]IAG's like-for-like ASK growth of 4.8% year-on-year excluding Aer Lingus masks very different levels of growth in each region. The fastest growth was in Asia Pacific: +14.1%, boosted by BA's Kuala Lumpur launch in May-2015 and frequency increases to Shanghai.
There was also strong growth in Europe (+11.7%) and the domestic markets (+9.7%). This short/medium haul capacity growth was mainly driven by Vueling in Rome and Barcelona, but also by Iberia's increased frequencies to Las Palmas and Tenerife.
ASK growth to both North America and Latin America was 2%, while IAG cut capacity to Africa, Middle East and South Asia (AMESA) by 2.5%.
IAG passenger capacity and passenger unit revenue by region 1Q2016
IAG7.JPG

Source: IAG
[h=2]RASK weakness in almost all regions[/h]Excluding currency movements and Aer Lingus, passenger revenue per ASK fell by 5.2% in 1Q2016. This was weaker than the 3.7% fall in 4Q2015, mainly due to the negative impact on demand resulting from the Mar-2016 terrorist attacks in Brussels. In Jan-2016 and Feb-2016, the RASK trend had been matching that of 4Q2015.
Passenger unit revenue at constant currency was also weakened by fare pressure on oil-related routes resulting from lower fuel prices, and lower corporate client activity as a result of the shift in Easter into 1Q from 2Q last year.
This underlying RASK performance was weakest in the region with the highest ASK growth, Asia Pacific, where it was down by 9.9%. BA's new Kuala Lumpur route was a factor in the dilution of RASK to the region.
There was also a significant fall in underlying RASK on routes to North America (-7.1%) and Latin America (-5.7%), in addition to short/medium haul routes. Only AMESA managed a stable unit revenue performance (+0.5%).
[h=2]North Atlantic is performing well[/h]In spite of unit revenue weakness on the North Atlantic – one of IAG's most important markets – IAG CEO Willie Walsh told analysts on the 1Q conference call that the joint venture with American Airlines was performing well, and that he expected this to continue.
He added that he was comfortable with the capacity outlook in IAG's core North Atlantic markets and that bookings into 3Q2016 were particularly strong. Nevertheless, IAG could adjust capacity where necessary.
[h=2]"We already have the best long haul low cost operator"[/h]Mr Walsh was also comfortable with competition from low cost airlines on long haul markets such as the North Atlantic. "We already have the best long haul low cost operator," he said, in a reference to Aer Lingus, which was "doing better than Norwegian".
Aer Lingus was expected to join oneworld and the North Atlantic JV at some point in 2017​
Mr Walsh said that Aer Lingus was expected to join oneworld and the North Atlantic JV at some point in 2017.
He argued that IAG could compete effectively with Norwegian, pointing out that BA had initiated a service from Gatwick to New York JFK in direct competition with Norwegian.
See related reports:

[h=2]IAG's revenue up 7.9%[/h]IAG revenue increased by 7.9% year-on-year in 1Q2016, more slowly than the 11.9% growth in ASKs. Passenger revenue was up 8.0% (mainly due to the inclusion of Aer Lingus), while cargo revenue fell by 1.5%.
Other revenue increased by 15.1%, reflecting the performance of BA Holidays and Iberia's external maintenance business.
IAG revenue 1Q2016 versus 1Q2015
IAG8.JPG

Source: IAG
[h=2]IAG costs rose 5.1%[/h]Operating costs increased by 5.1%, less than the growth in ASKs and revenue. Fuel costs fell by 14.3%, due to lower fuel prices afterhedging. According to Mr Dupuy, unit revenue weakness meant that only around 50% of the benefit of lower fuel costs was retained in profit terms.
Ex fuel costs increased by 13.3%, which was faster than both ASK growth and revenue growth.
Labour costs, now the biggest category after the fall in fuel costs, grew by 9.1% but this figure was 2.4% excluding Aer Lingus. Average headcount increased by 5.7%, mainly reflecting the addition of Aer Lingus, but this was less than ASK growth. Labour productivity (ASK per employee) improved by 5.9%, with improvements at all group airlines.
IAG's total unit cost fell by 6.1%, in spite of currency movements that added EUR132 million to reported costs. At constant currency, unit cost fell by 8.6% (and by 9.3% excluding Aer Lingus).
The ex fuel unit cost increased by 1.3%, but this was inflated by currency impacts, without which the increase was just 0.6%. Ex currency and Aer Lingus, ex fuel unit cost was just below flat year-on-year (-0.5%).
Overall, then, IAG is keeping a lid on underlying ex fuel unit cost, but owes the reduction in total unit cost entirely to lower fuel prices.
IAG operating costs 1Q2016 versus 1Q2015
IAG9a.JPG

IAG9b.JPG

Source: IAG
[h=2]IAG 2016 guidance is unchanged[/h]Although IAG has modestly trimmed its ASK growth plan for the year, from 5.3% to 4.9% on a pro forma basis (ie including Aer Lingus in last year's figures), it still expects to generate an absolute operating profit increase in 2016 similar to that achieved in 2015. This would mean an increase of around EUR945 million, taking the operating profit to almost EUR3.3 billion in 2016.
IAG said that 2Q2016 revenue trends were being affected by the aftermath of the Brussels attacks and that there was some softness in underlying premium demand, although 3Q2016 bookings look strong.
[h=2]"Self help" increases the margin gap with "peers"[/h]IAG expects the consequent RASK weakness to be offset by a 1% decline in underlying ex fuel unit cost and lower fuel prices. According to Mr Walsh (on the analyst call), revenue softness is leading IAG to accelerate cost initiatives, describing this as "self help".
Mr Walsh was confident that IAG's focus on unit cost would ensure that there is further margin growth in 2016. Moreover, he expects the gap with peers to continue to widen. A considerable distance has opened up between IAG and groups such as Lufthansa and Air France-KLM in terms of profitability.
See related reports:

Indeed, in a reference to Europe's other legacy airline groups, Mr Walsh emphasised IAG's continuing leadership by saying, "I am not sure I would call them peers". There would seem to be a growing confidence gap, too.


source : CAPA
 
Lufthansa Group risultati Q1 2016

Il controllo sui costi prosegue ma preoccupano gli yields. Risultato netto -8MEUR.
Per quello che riguarda le divisioni del gruppo passenger airlines LH ed OS abbastanza bene, mentre maluccio LX e male EW.

tutta la presentazione dettagliata per divisione del gruppo qui:
http://investor-relations.lufthansa...l-reports/interims-reports/LH-QR-2016-1-e.pdf


Lufthansa Group with earnings improvement in the first quarter

03.05.16
• Adjusted EBIT for first three months improved • Good result improvement at Lufthansa Passenger Airlines • Unit cost reductions compensate lower unit revenues • All business segments except Lufthansa Cargo according to guidance • Full year guidance confirmed

“We have seen a solid start into the new business year,” says Simone Menne, Chief Financial Officer of Deutsche Lufthansa AG. “We are seeing significant pricing pressure at our passenger airlines, and even more at Lufthansa Cargo. But the substantial unit cost reduction at our passenger airlines has more than made up for the pricing declines. And we are not just benefiting from further fuel cost reductions and non-recurring effects. We have also improved our operating cost structure. This marks an important change in trend in our unit cost development.”
“The new Eurowings is also off to a successful start,” Simone Menne continues. “The seat load factor of its new long-haul services stood at a very encouraging 94.2 per cent in the first three months. The customer feedback has been very positive, too. Its first-quarter result is a decline on last year’s; but this partly reflects the company’s start-up costs, and we feel that the new Eurowings is well on track.”
Total revenues for the Lufthansa Group in the first quarter of 2016 declined by 0.8 per cent to EUR 6.9 billion. Despite significantly higher passenger volumes, traffic revenue was 3.9 per cent down, a reflection of the substantial pricing pressures faced by the Group’s passenger airlines and the cargo business. The leading financial performance indicator of the Group’s business success – its Adjusted EBIT – improved, however, by EUR 114 million to EUR -53 million.
This tangible result improvement in the traditionally weak quarter is attributable not only to further benefits on the fuel cost front, which totaled EUR 237 million for the period, but also to a 4.0 per cent reduction in unit costs excluding fuel and currency impacts. Group results for the first quarter of 2015 had included EUR 100 million of expenses relating to writedowns on the Venezuelan bolivar and strike action effects. This has impacted the relative development of unit costs in the first quarter of this year positively. But first-quarter unit costs for 2016 also reflect the success of cost reduction actions taken throughout the Lufthansa Group, while the growth of Eurowings had a further beneficial impact on overall unit cost levels.
The Group’s net income for the first quarter amounted to EUR -8 million (Q1 2015: EUR 425 million). This is a EUR 70 million improvement on the adjusted prior-year result, since the 2015 first-quarter result included a EUR 503 million financial profit from the early conversion of the JetBlue convertible bond. First quarter cash flow from operating activities declined 21.5 per cent to EUR 1.1 billion. This is primarily attributable to the trend towards more short-term bookings: flights are booked closer to the departure date, which leads to a later cash-in for the company. This effect should, however, even out in the coming months provided overall bookings remain at their current levels. The equity ratio declined 3.7 percentage points to 14.5 per cent almost entirely due to an increase of EUR 1.5 billion in pension provisions based on a reduction in actuarial interest rates.
“The continuing volatility in interest rates shows once again how important the changes to the pension system are to our long-term financial stability,” Simone Menne emphasizes. “With Verdi we have already moved our biggest employee group into the new system.”

Lufthansa Passenger Airlines improves EBIT by EUR 244 million

The earnings improvement of Lufthansa Group’s in the first quarter is driven by Lufthansa Passenger Airlines and Austrian Airlines. All other operating companies in the Group reported lower results. The Adjusted EBIT of Lufthansa Passenger Airlines increased by EUR 244 million, while Austrian Airlines posted a EUR 23 million improvement. The Adjusted EBIT at SWISS was down EUR 28 million, owing largely to a decline in demand in the face of the strong Swiss franc. Eurowings, the results of which are reported separately for the first time, achieved a first-quarter Adjusted EBIT that was EUR 33 million below its prior-year level. This reflects the start-up costs of the company’s long-haul operations and the costs for its structural setup.
Lufthansa Cargo suffered a substantial EUR 71 million decline in its first quarter Adjusted EBIT. Sizeable overcapacity particularly on transatlantic routes and low demand led to a contraction of cargo revenues by 21.8 per cent. Lufthansa Cargo is bracing itself for a challenging financial year: the Adjusted EBIT is now expected to be significantly below its 2015 level. An additional cost reduction program was launched some weeks ago. First quarter results of the MRO and catering segments were in total EUR 20 million below their prior year levels.

Lufthansa Group expects an Adjusted EBIT slightly above the previous year

The Lufthansa Group’s result forecast for the year remains unchanged: the Group expects to achieve an Adjusted EBIT slightly above the previous year result of EUR 1.8 billion. This forecast does not, however, include the negative result impacts of possible strike actions. The Group does not expect to see any easing of the pricing pressures in the passenger and cargo transport sectors. Yields are under particular pressure on services to and from South America, as a result of the region’s currently weak economies. In the Asia traffic region lower booking volumes from Chinese and Japanese travel groups lead to lower volumes. In contrast, Europe and North America – Lufthansa’s biggest and most important traffic regions – are both showing more stable trends.
“The trends we have seen in the last few months are likely to continue throughout the present quarter,” concludes Simone Menne. “The intensity of the competition and the resulting pricing pressures will not ease – not least because of the low fuel costs. This is why it is important that we continue to work consistently on our cost positions. We remain fully committed to our goal of reducing our unit costs this year net of fuel and currency impacts.”

[TABLE="class: rte_contenttable-2, width: 512"]
[TR="class: header-odd"]
[TH]Lufthansa Group[/TH]
[TH="class: th-even, align: right"][/TH]
[TH="class: th-odd, align: right"]January[/TH]
[TH="class: th-even, align: right"]March[/TH]
[TH="class: th-odd, align: right"]Change[/TH]
[/TR]
[TR="class: tr-even"]
[TD][/TD]
[TD="class: td-even, align: right"][/TD]
[TD="class: td-odd, align: right"]2016[/TD]
[TD="class: td-even, align: right"]2015[/TD]
[TD="class: td-odd, align: right"][/TD]
[/TR]
[TR="class: tr-odd"]
[TD]Revenue[/TD]
[TD="class: td-even, align: right"]€ m[/TD]
[TD="class: td-odd, align: right"]6,916[/TD]
[TD="class: td-even, align: right"]6,973[/TD]
[TD="class: td-odd, align: right"]-0.8%[/TD]
[/TR]
[TR="class: tr-even"]
[TD]of which traffic revenue[/TD]
[TD="class: td-even, align: right"]€ m[/TD]
[TD="class: td-odd, align: right"]5,235[/TD]
[TD="class: td-even, align: right"]5,447[/TD]
[TD="class: td-odd, align: right"]-3.9%[/TD]
[/TR]
[TR="class: tr-odd"]
[TD]EBIT1)[/TD]
[TD="class: td-even, align: right"]€ m[/TD]
[TD="class: td-odd, align: right"]-49[/TD]
[TD="class: td-even, align: right"]-144[/TD]
[TD="class: td-odd, align: right"]+66.0%[/TD]
[/TR]
[TR="class: tr-even"]
[TD]Adjusted EBIT[/TD]
[TD="class: td-even, align: right"]€ m[/TD]
[TD="class: td-odd, align: right"]-53[/TD]
[TD="class: td-even, align: right"]-167[/TD]
[TD="class: td-odd, align: right"]+68.3%[/TD]
[/TR]
[TR="class: tr-odd"]
[TD]Adjusted EBIT margin[/TD]
[TD="class: td-even, align: right"]In %[/TD]
[TD="class: td-odd, align: right"]-0.8[/TD]
[TD="class: td-even, align: right"]-2,4[/TD]
[TD="class: td-odd, align: right"]+1.6pts[/TD]
[/TR]
[TR="class: tr-even"]
[TD]Net profit/loss for the period[/TD]
[TD="class: td-even, align: right"]€ m[/TD]
[TD="class: td-odd, align: right"]-8[/TD]
[TD="class: td-even, align: right"]425[/TD]
[TD="class: td-odd, align: right"]--[/TD]
[/TR]
[TR="class: tr-odd"]
[TD]Net Investments[/TD]
[TD="class: td-even, align: right"]€ m[/TD]
[TD="class: td-odd, align: right"]524[/TD]
[TD="class: td-even, align: right"]862[/TD]
[TD="class: td-odd, align: right"]-39.2%[/TD]
[/TR]
[TR="class: tr-even"]
[TD]Cash flow from operating activities[/TD]
[TD="class: td-even, align: right"]€ m[/TD]
[TD="class: td-odd, align: right"]1,102[/TD]
[TD="class: td-even, align: right"]1,394[/TD]
[TD="class: td-odd, align: right"]-21.5%[/TD]
[/TR]
[TR="class: tr-odd"]
[TD]Employees as of 31 March[/TD]
[TD="class: td-even, align: right"][/TD]
[TD="class: td-odd, align: right"]121,894[/TD]
[TD="class: td-even, align: right"]118,569[/TD]
[TD="class: td-odd, align: right"]3,325[/TD]
[/TR]
[TR="class: tr-even"]
[TD]Earnings per share[/TD]
[TD="class: td-even, align: right"]€[/TD]
[TD="class: td-odd, align: right"]-0.02[/TD]
[TD="class: td-even, align: right"]0.92[/TD]
[TD="class: td-odd, align: right"]--[/TD]
[/TR]
[/TABLE]
The interim report for the first quarter of 2016 will be published simultaneously with this press release at 7.30 am (CET) on 3 May 2016 on www.lufthansagroup.com/investor-relations.
 
Re: Lufthansa Group risultati Q1 2016

I risultati del gruppo Air France-KLM

Financial Year 2016: First Quarter results

FIRST QUARTER RESULTS

 Revenues of 5.6 billion euros, up 0.4%, down 1.3% like-for-like1
 Non fuel unit costs down 1.3% at constant currency
 EBITDAR2
of 531 million euros, an improvement of 307 million euros and up 371
million euros like-for-like
 EBITDA2
of 266 million euros, a reported increase of 292 million euros and up
370 million euros like-for-like
 Operating result of -99 million euros, up 318 million euros, an improvement of 397
million euros like-for-like
 Net negative currency impact of 79 million euros on operating result
 Net debt2
of 4.16 billion euros, down 146 million euros compared to 31 December
2015
 Adjusted net debt / EBITDAR ratio2
of 3.0x, an improvement of 0.4 compared to
31 December 2015
 Following the decision to consider options for the participation of another
company in the share capital of its catering subsidiary, Servair is reclassified as
discontinued operations3

FULL YEAR 2016 OUTLOOK: OBJECTIVES MAINTAINED
 High level of uncertainty regarding fuel price and unit revenue due to geopolitical
context and industry capacity environment
 Impact of fuel savings on P&L expected to be significantly offset in the coming
quarters by downward pressure on unit revenue and negative currency impacts
 Continued progress in unit cost reduction targeted around 1% in 2016
 Free operating cash flow generation after disposals between 0.6 billion euros and
EUR 1.0 billion euros in 2016
 Further significant net debt reduction

http://www.airfranceklm.com/sites/default/files/communiques/2016-q1_press_release_en_def_0.pdf
 
Mi sembra che ci sia un momento di particolare incertezza futura, soprattutto nei grandi gruppi, dovuto alla necessita' di tagliare i costi in maniera importante (AF in particolare), diminuire la capacita' (IAG e LH in particolare diminuiscono o tagliano capacita' su certe rotte) per cercare di contenere l'abbassamento generale degli yields.
 
Devi accedere o registrarti per rispondere qui.


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